Assume that you have estimated your retirement wealth needed to be $1,000,000, based on a 7 percent investment return, 4 percent inflation during retirement, and 20 years of retirement. If inflation turns out to average less than 4 percent per year during retirement, what will be the effect on your retirement wealth needed?

You will need less than estimated.

You will need more than estimated.

You will need the same amount as estimated.

There is not enough information to answer the question.